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S&P 500 sheds 1.5pc as US seen preparing for longer war
US equities and bonds extended losses to end Wall Street’s trading week as hostilities in the Middle East remained high with no end in sight and concerns about global growth and inflation continued to heighten. Oil was eyeing $US113 a barrel late in New York, gold slid below $US4500 an ounce.
As he headed for Florida for the weekend President Donald Trump said he saw no need for a “ceasefire”. Shortly afterward, he posted on social media that the US is “very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East with respect to the Terrorist Regime of Iran”.
Stock market today: Dow, S&P 500, Nasdaq fall after PPI inflation comes in hot ahead of Fed decision
US stocks sank on Wednesday after the Federal Reserve voted to hold rates steady, while Chair Jerome Powell expressed concerns over progress on inflation.
The Dow Jones Industrial Average (^DJI) lost roughly 1.6%, or over 750 points, giving up gains for the week to notch its lowest close since November. The S&P 500 (^GSPC) dropped 1.3%, also touching its lowest level since November. The tech-focused Nasdaq Composite (^IXIC) fell over 1.4%.
The Fed decision following a two-day policy meeting received one dissent from Fed governor Stephen Miran, who favored a rate reduction. Officials kept their rate cut forecast steady for 2026.
Losses accelerated as Powell spoke on Wednesday and investor worries grew that the central bank could push out rate cuts in anticipation of higher inflation amid surging oil prices.
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